Insider Selling: Procore Technologies (NYSE:PCOR) Director Sells $845,152.98 in Stock

Key Points

• Procore Technologies director Connor Kevin O sold 15,386 shares for approximately $845,153 under a pre-arranged Rule 10b5-1 trading plan, reducing his stake by 1.6% to 946,746 shares.
• PCOR recently reported quarterly EPS of $0.47, beating estimates by $0.05, while revenue rose 15.8% year over year to $375.21 million. The stock traded at $55.51, down 0.7%.
• Analysts maintain a broadly positive outlook, with a “Moderate Buy” consensus and an average price target of $70.44, although several firms have recently lowered their targets.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) Director Connor Kevin O sold 15,386 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $54.93, for a total transaction of $845,152.98. Following the transaction, the director owned 946,746 shares of the company's stock, valued at $52,004,757.78. This represents a 1.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Procore Technologies Trading Down 0.7%

PCOR traded down $0.40 during trading hours on Wednesday, hitting $55.51. The company's stock had a trading volume of 3,375,401 shares, compared to its average volume of 3,734,232. The company has a 50-day simple moving average of $45.36 and a 200 day simple moving average of $51.42. The firm has a market capitalization of $8.43 billion, a PE ratio of -213.48 and a beta of 0.70. Procore Technologies, Inc. has a fifty-two week low of $38.03 and a fifty-two week high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. The firm had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. Procore Technologies's revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. Research analysts expect that Procore Technologies, Inc. will post 0.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Owl Capital Holdings LP bought a new stake in Procore Technologies during the fourth quarter worth approximately $6,857,000. Robinhood Asset Management LLC acquired a new position in shares of Procore Technologies in the fourth quarter valued at $7,136,000. Stephens Investment Management Group LLC increased its stake in Procore Technologies by 23.3% in the first quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company's stock valued at $30,960,000 after acquiring an additional 102,574 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Procore Technologies in the 1st quarter valued at $3,181,000. Finally, PNC Financial Services Group Inc. grew its stake in Procore Technologies by 105.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company's stock worth $3,332,000 after buying an additional 23,555 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on PCOR. Wall Street Zen cut Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Jefferies Financial Group lowered their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, July 21st. The Goldman Sachs Group cut their target price on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Procore Technologies in a report on Monday, July 6th. Finally, TD Cowen reduced their price objective on Procore Technologies from $70.00 to $60.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $70.44.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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